THE PHILIPPINE manufacturing sector in April posted its best performance in over four years, reflecting the significant improvement in business conditions as pandemic restrictions eased. READ:
S&P Global Philippines on Monday said the Philippines Manufacturing Purchasing Managers’ Index rose to 54.3 in April, from 53.2 in March, as new orders and production increased.April was also the third consecutive month that the PMI was above the 50 mark, which separates growth from contraction.
S&P Global said output and new orders went up for the third month in a row, both with the quickest growth rate since November 2018. It cited anecdotal evidence that more relaxed coronavirus restrictions supported higher customer demand and production. “Although output growth picked up in April, global headwinds, notably from the Russia-Ukraine war and lockdowns in China, led to further pressure on supply chains,” Ms. Baluch said.
S&P Global also said there was no change in employment numbers across the Philippine manufacturing sector, ending 25 straight months of job losses. However, there are still reports of widespread worker resignation, which aation eased only slightly from the record high seen in March, leading to another sharp increase in selling prices…It will be important to see how growth momentum is sustained amid ongoing supply chain disruption and sharply rising costs,” Ms. Baluch said.
“Unemployment rate at the lowest since the pandemic started supported and reflected the manufacturing PMI gauge at new pre-pandemic highs, as also supported by near record-high OFW remittances and exports data,” he said via Viber. “While strengthening client demand has been able to support the recovery so far, it will be important to see how growth momentum is sustained amid ongoing supply chain disruption and sharply rising costs,” said Ms. Baluch.
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